Member Info for LayLadyLay

It's not unexpected that the sp will likely retrace as we head towards Friday's trading update. Which way it goes in the short term will depend on how the update is received.

Is it really surprising that Tony gets a job with Sterling Energy PLC

Senior Independent Non-Executive Director
Leo Koot

Leo was appointed the Senior Independent non-executive Director of Sterling Energy in January 2017. He chairs the Audit and Remuneration Committees and is a member of the Nominations Committee.

Leo has over 29 years' experience in the energy sector and an MSc in Petroleum Engineering from Delft University, the Netherlands. Following a successful start to his career with Shell International, he has been involved in multiple successful business start-ups of scale including EDP Ltd, TAQA Bratani (UK) Ltd and TAQA Iraq BV.

He was Managing Director of TAQA in the UK from 2008 to 2013, delivering 60,000 bopd and $1.7 billion revenue in 2013. Subsequently, Leo was President of TAQA Iraq from 2013 to 2015 primarily responsible for the Atrush field development and Sulaymaniyah power plant in Kurdistan.

Leo is currently the Chief Executive Officer of Columbus Energy Resources PLC, a Managing Partner of MENA Gulf Investments and a non-executive Chairman of Tulip Oil.

https://www.sterlingenergyuk.com/about-board

I expect volatility to remain high for the next 6 months, maybe even longer. In that time the sp is likely to fluctuate in a wide range until the new slimline RR starts to create sufficient revenue to offset cash burn, which to date has been significant and damaging. Eventually I expect to see free cash flow being generated but this could be 18-24 months away.

The worst could be over but there is still risk going forward. GLA

. Enhanced incremental oil production for the single CO2 EOR monitoring well is estimated to be approximately 2,200 barrels of oil since the commencement of CO2 injection. (18 May 2020)

2200 / 203 = 10.8 barrels per day

Rp11ace - "I have full confidence that this injunction will be swept aside, can’t see any way that Stena would risk moving a multi-million pound asset unnecessarily. "

There's no risk to Stena whichever way this plays out.

The news seems to have been well received but let's see if there will be any change of strategy once Ivan is no longer at the helm.

Matador 78 - that was the uncrossing trade (UT) after the closing auction. Don't get too excited ;)

Rolls-Royce is proposing to increase the scope of ITP Aero’s supply chain activity, engineering and manufacturing capabilities. This comes as part of the ongoing detailed review of our Civil Aerospace facility footprint, as we focus on protecting key skills and technologies, reducing costs and positioning our business for recovery from the dramatic impact of the COVID-19 pandemic on global commercial aviation. The actions we are proposing will enhance the position of ITP Aero, currently wholly-owned by Rolls-Royce, as a major global aerospace company that will, in future, be able to compete for business from other players in the aerospace industry and target new opportunities.

https://www.rolls-royce.com/media/press-releases/2020/03-12-2020-rr-to-create-global-aerospace-leader-as-part-of-review-of-civil-aerospace-footprint.aspx

in4cedros - I only frequent this board for entertainment and curiosity at what will befall the third coming of LGO/CERP/BPC.
I do remember your passion for G&S and I recall suggesting you attempt to memorise that well known monologue by John Milton Hayes. I'm sure eggy will have heard it a thousand times so he will no doubt prompt you from the sidelines should you forget a line or three.

There's a one-eyed yellow idol to the north of Khatmandu,
There's a little marble cross below the town;
There's a broken-hearted woman tends the grave of Mad Carew,
And the Yellow God forever gazes down.

He was known as "Mad Carew" by the subs at Khatmandu,
He was hotter than they felt inclined to tell;
But for all his foolish pranks, he was worshipped in the ranks,
And the Colonel's daughter smiled on him as well.

He had loved her all along, with a passion of the strong,
The fact that she loved him was plain to all.
She was nearly twenty-one and arrangements had begun
To celebrate her birthday with a ball.

He wrote to ask what present she would like from Mad Carew;
They met next day as he dismissed a squad;
And jestingly she told him then that nothing else would do
But the green eye of the little Yellow God.

On the night before the dance, Mad Carew seemed in a trance,
And they chaffed him as they puffed at their cigars:
But for once he failed to smile, and he sat alone awhile,
Then went out into the night beneath the stars.

He returned before the dawn, with his shirt and tunic torn,
And a gash across his temple dripping red;
He was patched up right away, and he slept through all the day,
And the Colonel's daughter watched beside his bed.

He woke at last and asked if they could send his tunic through;
She brought it, and he thanked her with a nod;
He bade her search the pocket saying "That's from Mad Carew,"
And she found the little green eye of the god.

She upbraided poor Carew in the way that women do,
Though both her eyes were strangely hot and wet;
But she wouldn't take the stone and Mad Carew was left alone
With the jewel that he'd chanced his life to get.

When the ball was at its height, on that still and tropic night,
She thought of him and hurried to his room;
As she crossed the barrack square she could hear the dreamy air
Of a waltz tune softly stealing thro' the gloom.

His door was open wide, with silver moonlight shining through;
The place was wet and slipp'ry where she trod;
An ugly knife lay buried in the heart of Mad Carew,
'Twas the "Vengeance of the Little Yellow God."

There's a one-eyed yellow idol to the north of Khatmandu,
There's a little marble cross below the town;
There's a broken-hearted woman tends the grave of Mad Carew,
And the Yellow God forever gazes down.

The Rolls-Royce MT30 marine gas turbine has been selected for the Republic of Korea Navy’s (RoKN) FFX Batch III frigate, known as the Ulsan-class frigate which will be built by Hyundai Heavy Industries.

Rolls-Royce has already successfully worked with the RoKN to introduce a revolutionary, modern and simple, hybrid propulsion system arrangement for all eight ships in the Daegu-class FFX Batch II frigate programme – each powered by a single MT30 gas turbine and electric propulsion motors powered by four Rolls-Royce MTU diesel generators per ship.

The use of the MT30 across the Batch II and Batch III frigates will deliver commonality benefits to the customer, such as spare parts, support infrastructure and training.

For FFX Batch III, the Ulsan-class frigate programme, Rolls-Royce will also supply Engine Health Management (EHM) capability with its MT30 marine gas turbine. Supporting leaner naval forces, EHM technology delivers through-life benefits, such as reduced manpower and maintenance costs, by enabling the collection of reliable engine data and analysis to maximise asset availability and optimise on-board maintenance.

As part of Rolls-Royce’s on-going design collaboration with Hyundai Heavy Industries (HHI) for the specialised integrated gas turbine enclosure for MT30, HHI-EMD will continue to be responsible for the manufacture of this highly complex engineering enclosure and all ancillaries in-country, as well as continuing to provide in-service support.

Jay Lee (Jongyel Lee), Vice President of Business Development & Future Programmes, Defence – Naval, Korea said: “Today, Rolls-Royce remains at the forefront of naval propulsion technology. MT30 is powering many of the world’s most advanced platforms in all conceivable propulsion configurations. We are delighted that MT30 has once again been selected to power the latest batch of FFX frigates and we look forward to continuing our relationship with the Republic of Korea Navy and HHI.

https://www.rolls-royce.com/media/press-releases/2020/02-12-2020-mt30-selected-again-for-korean-ffx-batch-iii-programme.aspx

Rolls-Royce has acquired Servowatch Systems, a UK-based international supplier of integrated marine automation solutions for navies, commercial vessels and large yachts. Representatives of Rolls-Royce's Power Systems business unit and the company’s previous owner, the Indian engineering, procurement and construction projects, manufacturing, defence and services group Larsen & Toubro, signed the contracts on 2 December.

https://www.rolls-royce.com/media/press-releases/2020/02-12-2020-rr-acquires-leading-supplier-of-ship-control-systems-servowatch.aspx

Linton78 - "The majors are all over this..."

I fear you have been listening too much to in4cedros who, in the pre-CERP LGO days , attempted to memorise the lyrics to a well known Gilbert and Sullivan song from The Pirates of Penzance which is probably the only major you are likely to find in relation to BPC. Being a comic opera, it was right up In4cedros' street as the self appointed camp comic. Sadly he has started to believe his own hype of late and is probably waxing his moustache and tuning up his voice as I write. Perhaps he will give a rendition at the next AGM or will it be the last post on his bugle!

I am the very model of a modern Major-General,
I've information vegetable, animal, and mineral,
I know the kings of England, and I quote the fights historical
From Marathon to Waterloo, in order categorical;
I'm very well acquainted, too, with matters mathematical,
I understand equations, both the simple and quadratical,
About binomial theorem, I'm teeming with a lot o' news,
With many cheerful facts about the square of the hypotenuse.

I'm very good at integral and differential calculus;
I know the scientific names of beings animalculous:
In short, in matters vegetable, animal, and mineral,
I am the very model of a modern Major-General.

I am the very model of a modern Major-General,
I've information vegetable, animal, and mineral,
I know the kings of England, and I quote the fights historical
From Marathon to Waterloo, in order categorical;
I'm very well acquainted, too, with matters mathematical,
I understand equations, both the simple and quadratical,
About binomial theorem, I'm teeming with a lot o' news,
With many cheerful facts about the square of the hypotenuse.

I'm very good at integral and differential calculus;
I know the scientific names of beings animalculous:
In short, in matters vegetable, animal, and mineral,
I am the very model of a modern Major-General.

The herd are here ... they never stay long so don't get left holding the baby!

https://www.youtube.com/watch?v=YUa9p92TjjA

You should receive your shares certificate in the next few days.

RESULTS OF RIGHTS ISSUE 12 November 2020

It is expected that the New Ordinary Shares in uncertificated form will be credited to CREST accounts by no later than today and that definitive share certificates in respect of New Ordinary Shares held in certificated form will be despatched by no later than 25 November2020.

Trading update is 11th December.

https://www.rolls-royce.com/investors/financial-calendar.aspx

Shatter - " Had a bad experience a few years ago with a large heavy crude oil discovery in the North Sea but the company couldn’t find a major partner to cover the costs of extraction and sank without trace...sure its only money..."

"drilling of this potential basin-opening well anticipated to take between 45 and 60 days, with 'tight-hole' procedures in place"

Koot loves tight hole procedures. It allowed him to keep CERP investors in the dark for months when S1 was being drilled/tested. Don't assume that silence is golden if the same happens with P1.

TRINIDAD AND TOBAGO

· Substantial increase in field activities, including an additional rig being deployed into the field to further expand workover capability/capacity

I wonder if Koot has told Simon what happened when he employed a third workover rig at Goudron in order to chase a year end production target? Costs spiralled to a level where CERP was lifting every barrel at a loss. He made a big point at the AGM about the futility of chasing production targets and said that CERP would focus on profitable barrels, hence the reduction in workovers which in turn seems to have caused further problems down the line. Goudron can be a money pit in terms of costs to maintain.

Lancygeo - I see you're hoping to fool the unresearched into believing that US$4.25m is still on the table as an option.

Inniss-Trinity - Expiry of right to purchase

In relation to BPC's Inniss-Trinity asset, in accordance with the Well Participation Agreement ("WPA") entered into in November 2017 with Predator Oil & Gas Holding Limited ("Predator") (and as subsequently varied by mutual agreement), by 30 September 2020 Predator was required to enter into a share purchase agreement ("SPA") under which Predator would acquire the corporate entity that holds 100% of the Inniss-Trinity asset, for a consideration of US$4.25 million. The Company advises that BPC and Predator have not entered into such an SPA by the agreed deadline, and accordingly, this aspect of the WPA has lapsed.

Starguru - "The CERP BoD unanimously agreed to the merger despite most of them losing their jobs, knowing BPC would have access to cash to pay for Percy-1 and develop ‘hot’ CERP prospects such as S1, S2, and Suriname. "

So you believe that the CERP BoD voting for the merger in the knowledge they wouldn't be part of the future is a positive? Turkeys voting for Christmas is the phrase that come to mind.